The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Phil Schiller speaks during the opening keynote address at WWDC in 2016. Photo by Getty

When It Comes to Apple, Watch the Fine Print

By Jessica E. Lessin · Dec 13, 2022 5:00pm PST · 1 comment

Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in its walls. Bloomberg reported Tuesday that Apple will allow developers to sell their apps to iPhone users without going through the company’s own App Store—and possibly without paying the 30% App Store tax. This was expected because a new... Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in...

Photo by Bloomberg

Microsoft’s LSE Cloud Deal Raises Plenty of Questions

By Martin Peers · Dec 12, 2022 5:00pm PST · 4 comments

Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins are impressive—when you’re not also investing in the customer! Take today’s deal, where Microsoft bought a 4% stake in the London Stock Exchange as part of a deal in which the LSE is committing to spend at least $2.8 billion on Microsoft cloud... Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins...

Photo by Bloomberg

The FTC is Fighting All the Wrong Fights

By Jessica E. Lessin · Dec 8, 2022 5:00pm PST · 2 comments

The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar deal for Activision, which makes some of the most popular videogames in the world. I’m a big fan of federal regulators paying closer attention to tech companies’ hidden power, especially how they use customer data. But the FTC should just let this... The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar...

Orlando Bravo. Photo by Bloomberg.

Thoma Bravo’s Fundraising Suggests More Software Buyouts Are Coming

By Martin Peers · Dec 7, 2022 5:00pm PST

Orlando Bravo. Photo by Bloomberg.

Thoma Bravo’s Fundraising Suggests More Software Buyouts Are Coming

By Martin Peers · Dec 7, 2022 5:00pm PST

If you thought private equity was on a software spending spree this year, just wait until 2023. Thoma Bravo’s announcement today that it had finished raising money for buyout funds with $32.4 billion in capital commitments is a strong sign that more deals are on the way. This year alone, Thoma Bravo has completed the purchase of identity... If you thought private equity was on a software spending spree this year, just wait until 2023. ...

Photo by Bloomberg.

Microsoft’s Growing Bet on Consumer Services Is Risky

By Jessica E. Lessin · Dec 6, 2022 5:00pm PST · 4 comments

Of the many troubles to hit the tech sector over the past year, the identity crises the largest tech giants are dealing with are perhaps the most commonly overlooked.From Meta to Microsoft, companies seem to be looking beyond their core business. That’s in part because investors are antsy for growth. But a bigger factor is because they have made... Of the many troubles to hit the tech sector over the past year, the identity crises the largest...

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing Salesforce, nearly 18 months after the company acquired Slack, may be that he was still there! It’s not unusual for founders of multibillion-dollar companies like Slack to exit shortly after their firm is acquired. Even so, coming a few days after... The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing...

Photo by Bloomberg

Big Tech's Big Lie

By Martin Peers · Dec 1, 2022 5:00pm PST

Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with cuts at DoorDash—have destroyed the image of big tech firms as lean and efficient machines. On the contrary: As investors such as Altimeter Capital and TCI have pointed out, firms like Google and Meta Platforms (not to mention Amazon) are overstaffed... Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with...

Photo via Bloomberg

Bret Taylor’s Year in Review

By Martin Peers · Nov 30, 2022 5:12pm PST

Photo via Bloomberg

Bret Taylor’s Year in Review

By Martin Peers · Nov 30, 2022 5:12pm PST

That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce alongside Marc Benioff—the two would “lead Salesforce through our next chapter,” as Benioff put it—Taylor is departing. Benioff will once again be sole CEO. Taylor follows in the footsteps of Keith Block, who lasted 18 months as co-CEO with Benioff, from... That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce...

Photo by Bloomberg

Apple’s Supply Constraints Could Set Off a Stock Correction

By Akash Pasricha · Nov 29, 2022 5:00pm PST

The bluest of the blue chip tech stocks, Apple, is having a rough month. The company said earlier in November its main iPhone 14 manufacturing facility in China was facing supply restrictions thanks to Covid-19 lockdowns. One measure of how bad things are: A new report published on Tuesday from an Asia-based Apple analyst estimated iPhone... The bluest of the blue chip tech stocks, Apple, is having a rough month. The company said earlier...

Photo courtesy of Getty

Musk Is Biting Off More Than He Can Chew By Picking a Fight With Apple

By Martin Peers · Nov 28, 2022 5:00pm PST · 3 comments

Elon Musk appears to be taking a page out of Donald Trump’s presidential playbook: If in doubt, pick a fight—with everyone. Having alienated a large group of Twitter’s advertisers, while risking Twitter's relations with regulators and simultaneously mocking the news media, Musk today started a public brawl with Apple, even threatening... Elon Musk appears to be taking a page out of Donald Trump’s presidential playbook: If in doubt,...

Erin Yuan of Zoom. Photo by Bloomberg.

Zoom Could Draw Suitors Even Though Customers Are Balking at Software Bundles

By Martin Peers · Nov 23, 2022 5:00pm PST · 5 comments

Spare a thought for Covid-19 sufferers this Thanksgiving who have to spend the holiday connecting with friends and family on Zoom. Spare another thought for Zoom Video Communications shareholders, who’ve watched while the stock has plummeted 87% from its pandemic highs as the company’s revenue growth has decelerated like a car hitting a sudden... Spare a thought for Covid-19 sufferers this Thanksgiving who have to spend the holiday connecting...

Photo by Bloomberg

Why an Activist Investor Might Show Up at Amazon

By Martin Peers · Nov 22, 2022 5:00pm PST · 1 comment

Photo by Bloomberg

Why an Activist Investor Might Show Up at Amazon

By Martin Peers · Nov 22, 2022 5:00pm PST · 1 comment

Sandwiched between the rapid-fire series of news reports last week about the FTX collapse and Elon Musk’s Twitter immolation were the layoffs at Amazon, which these days might seem par for the tech industry course. But what was significant about the Amazon cuts wasn’t just the fact that they happened. It was the incidental revelations from... Sandwiched between the rapid-fire series of news reports last week about the FTX collapse and...

Photo by Bloomberg

Bob Iger Won’t Be Able to Solve Disney’s Biggest Problem

By Martin Peers · Nov 21, 2022 5:00pm PST · 1 comment

Here’s a question: If newly restored Disney CEO Bob Iger was such a brilliant executive, how is it possible that in 15 years in the top job he wasn’t able to groom a number two who could last? For all the hero worship that greeted Iger’s sudden return on Sunday night, particularly from investors, let’s not forget that Iger bears as much... Here’s a question: If newly restored Disney CEO Bob Iger was such a brilliant executive, how is...

Photo by Bloomberg

The 3 Possible Reasons Silicon Valley Enabled SBF

By Jessica E. Lessin · Nov 17, 2022 5:00pm PST · 5 comments

Minutes after I last published a column questioning the role of FTX’s equity investors in the massive collapse and unwinding of the firm, my phone started ringing. “What were you thinking—listing us as an investor?” one caller said to me. The implication was that the investor had only a small stake—and shouldn’t be subject to scrutiny for their... Minutes after I last published a column questioning the role of FTX’s equity investors in the...

Art by Shane Burke

Musk’s Part-Time Tesla CEO Status in the Spotlight

By Martin Peers · Nov 16, 2022 5:00pm PST

Whatever verdict emerges from this week’s Delaware court case over Elon Musk’s compensation as Tesla CEO, you can argue he has already lost. Tesla stock has dropped 51% since April 4, when Musk revealed he had bought a stake in Twitter. That’s more than twice as much as the Nasdaq has fallen in that period. Such a decline is a very clear signal... Whatever verdict emerges from this week’s Delaware court case over Elon Musk’s compensation as...

Photo by Shane Burke

Why 2023 Is Shaping Up to Be a Year of Restructurings, Sales in Tech

By Martin Peers · Nov 15, 2022 5:00pm PST · 1 comment

Photo by Shane Burke

Why 2023 Is Shaping Up to Be a Year of Restructurings, Sales in Tech

By Martin Peers · Nov 15, 2022 5:00pm PST · 1 comment

This has been a brutal year of fast-rising interest rates and fast-declining tech valuations, contributing to the recent cascade of mass layoffs and crypto bankruptcies. Next year, though, could be even more brutal. Money-losing companies that need to raise capital may find themselves running out of options: The pressure to sell may get more... This has been a brutal year of fast-rising interest rates and fast-declining tech valuations,...

Photo by Shutterstock

The Moment Tech’s D.C. Opponents Have Been Waiting For

By Jessica E. Lessin · Nov 14, 2022 5:00pm PST

Talk about blood in the water. Washington, D.C., regulators and lawmakers have been chomping at the bit to put Silicon Valley in its place for years—and the moment they’ve been waiting for has finally arrived. The U.S. Department of Justice and the Securities and Exchange Commission are tripping over themselves to investigate FTX CEO Sam... Talk about blood in the water. Washington, D.C., regulators and lawmakers have been chomping at...

Photo by Bloomberg

Musk’s Cure Is Making Twitter Sicker

By Martin Peers · Nov 10, 2022 5:00pm PST · 2 comments

Elon Musk certainly dodged a bullet when it comes to Sam Bankman-Fried. Those paying attention might remember that text messages unearthed in the Twitter litigation showed Bankman-Fried’s adviser suggesting to Musk in March that the FTX founder could easily invest up to $8 billion—and up to $15 billion “with financing”—in a joint Twitter... Elon Musk certainly dodged a bullet when it comes to Sam Bankman-Fried. Those paying attention...

Photo by Bloomberg.

What Tech People Should Learn From This Era of Excess

By Martin Peers · Nov 9, 2022 5:00pm PST

Tech people love to talk about their “learnings” (presumably because they think that term sounds more innovative than “lessons.”) And tech folks sure have learned a lot of learnings this past week, particularly about assessing future growth and being more careful with how they spend money. That applies both to venture investors, a few of whom... Tech people love to talk about their “learnings” (presumably because they think that term sounds...

Sam Bankman-Fried. Photo by Bloomberg.

Sam Bankman-Fried’s Late-Night Move and How the FTX House Crumbled

By Jessica E. Lessin · Nov 8, 2022 5:02pm PST · 4 comments

Sam Bankman-Fried. Photo by Bloomberg.

Sam Bankman-Fried’s Late-Night Move and How the FTX House Crumbled

By Jessica E. Lessin · Nov 8, 2022 5:02pm PST · 4 comments

Late last night, Sam Bankman-Fried sent a message he never thought he would send. He reached out to rival Changpeng Zhao, known as CZ, CEO of crypto trading platform Binance and asked him if he would buy—and save—FTX, a person close to the deal told me. By early in the morning Pacific time, he had his answer. He would be selling his startup,... Late last night, Sam Bankman-Fried sent a message he never thought he would send. He reached out...